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Other Balance Sheet Information (Notes)
 3 Months Ended
Mar. 31, 2023
Disclosure Text Block Supplement [Abstract]  
Supplemental Balance Sheet Disclosures [Text Block]
3.Other Balance Sheet Information
Cash, Cash Equivalents and Marketable Securities
The following table summarizes our cash and investments in cash equivalents and marketable securities held by investment managers and overnight investments:
March 31, 2023December 31, 2022
(in thousands)Cash & Cash EquivalentsMarketable SecuritiesTotalCash & Cash EquivalentsMarketable SecuritiesTotal
Overnight holdings$635,931 $— $635,931 $678,512 $— $678,512 
Investment holdings55,546 35,535 91,081 56,963 33,068 90,031 
Total financial assets691,477 35,535 727,012 735,475 33,068 768,543 
Cash in demand accounts21,072 — 21,072 41,047 — 41,047 
Outstanding checks(15,961)— (15,961)(43,694)— (43,694)
Total$696,588 $35,535 $732,123 $732,828 $33,068 $765,896 
Our cash and overnight holdings fluctuate based on the timing of clients’ payroll processing cycles. Our cash, cash equivalents and marketable securities at March 31, 2023 and December 31, 2022 included $457.8 million and $504.8 million, respectively, of funds associated with federal and state income tax withholdings, employment taxes, and other payroll deductions, as well as $42.9 million and $36.8 million, respectively, in client prepayments.
Cash, Cash Equivalents, Restricted Cash and Funds Held for Clients
The following table summarizes our cash, cash equivalents, restricted cash and funds held for clients as reported in our Consolidated Statements of Cash Flows:
Three Months Ended March 31,
(in thousands)20232022
Supplemental schedule of cash and cash equivalents, restricted cash and funds held for clients
Cash and cash equivalents$732,828 $575,812 
Restricted cash49,779 46,929 
Other current assets - funds held for clients(1)
34,942 
(2)
— 
(2)
Deposits – workers’ compensation196,370 185,027 
Cash, cash equivalents, restricted cash and funds held for clients beginning of period$1,013,919 $807,768 
Cash and cash equivalents$696,588 $576,654 
Restricted cash48,113 49,429 
Other current assets - funds held for clients(1)
41,552 
(2)
— 
(2)
Deposits – workers’ compensation211,226 190,756 
Cash, cash equivalents, restricted cash and funds held for clients end of period$997,479 $816,839 
 ____________________________________
(1)Funds held for clients represent amounts held on behalf of our Traditional Payroll Solution customers that are restricted for the purpose of satisfying obligations to remit funds to clients’ employees and various tax authorities.
(2)Beginning in the third quarter of 2022, we adjusted the presentation of our Consolidated Statements of Cash Flows to include changes in funds held for clients as a financing activity and to include funds held for clients in both the beginning and ending period amounts in our totals of cash, cash equivalents, restricted cash and funds held for clients. Prior period amounts have not been adjusted to this presentation as the amounts are immaterial to our consolidated financial statements. Previously, the changes in funds held for clients and the related client fund liabilities were presented within operating activities in our Consolidated Statements of Cash Flows. Funds held for clients are held in a trust separate from our company funds and we do not use these funds held for clients for any corporate activity.
Please read Note 2. “Accounting Policies,” for a discussion of our accounting policies for deposits – workers’ compensation and restricted cash.